High-Cost and Higher-Priced Mortgage Loans
A borrower is seeking an FHA-insured loan. He will put the minimum 3.5% down payment and pay the upfront mortgage insurance fee of 1.75%. He will pay the annual mortgage insurance fee of .85% for the life of the loan. His interest rate is 5%, the APOR (as of the date the loan interest rate is locked) is 4.672%, and his APR for this loan is 6.474%.
Is this a high-cost mortgage loan, higher-priced mortgage loan, or both? Please Explain the answer.
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